Fiscal surplus at 1.7% of GDP in the period January – November 2022

A fiscal surplus of €448.4 mn was recorded for the period January – November 2022, which corresponds to 1.7% of GDP, as compared to a deficit of €302.3 mn (1.3% of GDP) that was recorded during the period of January-November 2021, according to the preliminary General Government fiscal results, prepared by the Statistical Service and published on Friday.

During the period of January-November 2022, total expenditure increased by €339.3 mn, or 3.8% and amounted to €9,207.6 mn, compared to €8,868.3 mn in the corresponding period of 2021.

In detail, social benefits increased by 10% and amounted to €3,696.5 mn, compared to €3,361.1 mn in 2021. Compensation of employees increased by 5.2% and amounted to €2,680.6 mn, compared to €2,547.2 mn in 2021. Intermediate consumption increased by 19.5% and amounted to €1,019 mn, compared to €852.7 mn in 2021. Current transfers increased by €17.9 mn, or 3.3% and amounted to €553.4 mn, compared to €535.5 mn in 2021.

The capital account increased by 33.7% and amounted to €769 mn, compared to €575 mn in 2021. In detail, gross capital formation increased by 35.2% and amounted to €612.2 mn, compared to €452.9 mn in 2021 and other capital expenditure increased by 28.4% and amounted to €156.8 mn, compared to €122.1 mn in 2021.

On the contrary, subsidies decreased by 81.8% to €105.8 mn, from €580 mn in 2021. Interest payable decreased by €33.6 mn or 8.1% to €383.3 mn, from €416.9 mn in 2021.

During the same period of January-November 2022, total revenue increased by €1,090 mn or 12.7% and amounted to €9.656 mn, compared to €8,566 mn in the corresponding period 2021.

In detail, taxes on production and imports increased by €482 mn or 15.6% and amounted to €3,579.1 mn, compared to €3,097.1 mn in 2021, of which net VAT revenue increased by 19.8% and amounted to €2,421.6 mn, compared to €2,021.2 mn in 2021. Revenue from taxes on income and wealth increased by 20% and amounted to €2,249 mn, compared to €1,874.1 mn in 2021. Social contributions increased by €333.9 mn or 13.9% and amounted to €2,742.1 mn, compared to €2,408.2 mn in 2021. Revenue from the sale of goods and services increased by €15.4 mn and amounted to €628.,1 mn, compared to €612.7 mn in 2021.

On the contrary, property income decreased by €0,5 mn to €112 mn, from €112.5 mn in 2021. Current transfers decreased by €8.8 mn or 4.5% to €186.1 mn, from €194.9 mn in 2021. Capital transfers decreased by 40.1% to €159.6 mn, from €266.5 mn in 2021.

Source: Cyprus News Agency